Looking to make inroads into reconstruction projects in Libya and Iraq, Cairo kicked off its annual Builders of Egypt Forum, one of the country's biggest events in the construction industry.
Egyptian Prime Minister Mostafa Madbouly addressed the audience at the June 16 conference, which drew government officials, builders and bank officials to discuss opportunities available for the Egyptian construction companies abroad.
It has become essential for Egypt to enter African and Arab markets, with the goals of boosting its economy, attracting hard currency and implementing interconnection projects, be they power grids or road networks between Egypt and other countries. The forum aimed in particular to promote the state’s efforts to reconstruct the parts of Libya and Iraq destroyed by terrorist organizations, as part of the Egyptian government’s and private sector’s efforts to promote strategic relations with other countries and support development there.
Hassan Abdel Aziz, head of the Egyptian Federation for Construction and Building Contractors (EFCBC) of the Ministry of Housing, Utilities and Urban Communities, told the forum, which Al-Monitor attended, “Recession hit [Egypt's] labor market following the [revolution in] January 2011. The EFCBC then developed a comprehensive plan to boost Egyptian construction companies’ work abroad to compensate for the declining activities at home.”